Gazprom Neft to meet OPEC+ April quota by end of month — CEO

Gazprom Neft will meet the April quota of the OPEC+ on oil production cuts by the end of the month, CEO Alexander Dyukov told reporters, Azernews reports, citing TASS.

"The Ministry of Energy traditionally communicates the quota to us; we perform it. We plan to achieve required volumes of production cuts by the end of the month," Dyukov said.

The Joint Ministerial Monitoring Committee of the OPEC+ did not make recommendations on changing the oil production policy at the meeting on April 3. Several OPEC+ member-states, including Russia and Saudi Arabia, are voluntarily reducing oil production by 2.2 mln barrels daily in total since the first quarter of 2024 in order to rebalance the market. The measure was initially set to be effective in the first quarter but OPEC+ member-countries extended it for the second quarter also.